BITOfficial: Institutional capital flows face test towards key support levels for Bitcoin

On June 3, BITOfficial released a daily chart analysis saying that the flow of institutional funds and the key support level of Bitcoin are facing challenges. In the past four years, a distinctive feature of Bitcoin has been that most of the gains have been concentrated in a short period of rapid pull-up, before prices have entered a long-term sideways consolidation. A similar pattern occurs during the pullback stage. Prices usually fall rapidly first, releasing most of the downward pressure at one time, and then gradually stabilizing. This round of correction is mainly affected by two factors: first, the U.S. April CPI released in May was higher than expected; second, market concerns about Strategy (formerly MicroStrategy)'s sale of bitcoin and subsequent potential selling pressure. Affected by this, the spot Bitcoin ETF quickly shifted from net purchases to large net sales, with a cumulative net sales of approximately US$1.5 billion this year, which has put significant pressure on the market. At present, Bitcoin is still under correction pressure, and US$63445 is the lower support level that needs to be focused on in the future. Whether this position can be held will affect the market's judgment on the depth of this round of adjustment: if prices stabilize near this region, this round of correction will still be a phased adjustment; if it effectively falls below, it may enter deeper adjustment and consolidation.